Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:
| Close | Gain/Loss | On Week |
Gold | $467.10 | +$6.20 | -0.45% |
Silver | $7.63 | +$0.02 | -2.18% |
XAU | 104.93 | +2.88% | -1.89% |
HUI | 221.90 | +2.73% | -3.43% |
GDM | 714.57 | +2.96% | -2.77% |
USD | 90.27 | +0.51 | +1.03% |
Euro | 119.42 | -0.44 | -1.26% |
Yen | 86.52 | -0.30 | -1.45% |
Oil | $60.63 | +$0.61 | -3.19% |
10-Year | 4.390% | -0.069 | -2.25% |
Bond | 113 23/32 | +26/32 | +0.97% |
Dow | 10215.22 | -0.64% | -0.70% |
Nasdaq | 2082.21 | +0.68% | +0.84% |
S&P | 1179.59 | +0.15% | -0.59% |
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There were no major economic reports Friday. This week’s earlier reports:
Next weeks economic highlights include Consumer Confidence and Existing Home Sales on Tuesday, Durable Orders and New home Sales on Thursday, and the advanced figure for 3rd quarter GDP and Michigan Sentiment on Friday.
Gold Warehouse Stocks: | 6,349,378 | -585 |
Silver Warehouse Stocks: | 116,708,074 | -682,667 |
COT Gold Report - October 21, 2005
COT Silver Report - October 21, 2005
Gold traded mostly modestly higher in Asia and added to its gain in London before falling off to near unchanged in morning New York trade, but it then jumped higher in the last hour of trade Friday afternoon and found nice gains to cut its losses from earlier in the week. Silver traded mostly modestly lower in Asia, London, and early New York trade before also finding gains in late trade and ending the session slightly higher.
Gold and silver equities spent Friday morning mostly modestly higher before jumping higher with gold in afternoon trade and holding their gains into the close to end with decent gains.
More Precious Metals Analysis:
“Early in the session the gold market managed to hold together in the face of weakness in silver and copper. Early in the session the Dollar was down aggressively and that seemed to underpin the gold market. However, later in the session the gold market began to rise in sync with the rest of the metals and forged the gains in the face of a Dollar rally. We suspect that a strong recovery in the US equity market prompted a short covering burst or might have even prompted fresh buying in gold, silver, copper and platinum and that suggests the recent downward motion has run its course.” - The Hightower Report, Futures Analysis and Forecasting
The U.S. dollar index rose to 3 month highs on the outlook for further interest rate rises by the fed. The euro fell to over 2 week lows and the yen fell back to over 2 year lows.
Oil started off Friday trading under $60 on easing worries over Hurricane Wilma and signs of slowing demand, but it rose back above $60 by the end of trade as investors closed out their positions heading into the weekend.
Treasuries found nice gains Friday despite the lack of economic news or fedspeak as the yield on the 10-year continued to fall from its recent 6 month peaks.
The Dow, Nasdaq, and S&P traded in different directions on reactions to different earnings reports Friday morning, with initially lower oil and tame interest rates again providing no support to the major indices.
Among the big names making news in the market Friday were GM, RIM, BSkyB and Easynet Group, Blackstone, Carlyle, and Dunkin Donuts, AT&T, Schlumberger, Xerox, Refco, Google, Wyeth, Caterpillar, RadioShack, and LM Ericsson.
Gold & Silver Stock News Update from GoldReview.com:
Richmont Mines’ management appointments and Silvercorp’s future listing on the Toronto stock exchange were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Crystallex | KRY +9.02% $1.45 |
2. Golden Star | GSS +5.91% $2.69 |
3. Rio Narcea | RNO +5.7% $1.11 |
LOSERS
1. Aurizon | AZK -3.57% $1.08 |
2. Iamgold | IAG -1.07% $6.45 |
3. Cumberland | CLG -0.69% $1.44 |
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- Written by Chris Mullen
Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.
The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news. For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.
All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.
© Gold Seeker 2005
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-- Posted Friday, 21 October 2005
Gold Seeker Weekly Wrap-Up - Gold Rebounds to End the Week Strong
